Piper Jaffray Companies Increases PACCAR (PCAR) Price Target to $75.00

PACCAR (NASDAQ:PCAR) had its price objective raised by investment analysts at Piper Jaffray Companies to $75.00 in a report issued on Tuesday, February 5th, The Fly reports. The firm presently has an “overweight” rating on the stock. Piper Jaffray Companies’ target price suggests a potential upside of 10.67% from the stock’s current price. Piper Jaffray Companies also issued estimates for PACCAR’s Q1 2019 earnings at $1.65 EPS, Q2 2019 earnings at $1.66 EPS, Q3 2019 earnings at $1.64 EPS, Q4 2019 earnings at $1.68 EPS, FY2019 earnings at $6.40 EPS, Q1 2020 earnings at $1.33 EPS, Q2 2020 earnings at $1.47 EPS, Q3 2020 earnings at $1.42 EPS, Q4 2020 earnings at $1.42 EPS, FY2020 earnings at $5.61 EPS, FY2021 earnings at $5.86 EPS, FY2022 earnings at $6.28 EPS and FY2023 earnings at $6.48 EPS. The analysts noted that the move was a valuation call.

PCAR has been the subject of several other research reports. Credit Suisse Group reiterated a “hold” rating and issued a $63.00 price objective on shares of PACCAR in a research note on Tuesday, January 22nd. ValuEngine raised shares of PACCAR from a “sell” rating to a “hold” rating in a report on Friday, December 21st. Zacks Investment Research downgraded shares of PACCAR from a “buy” rating to a “hold” rating in a report on Wednesday, November 14th. Mizuho reissued a “hold” rating on shares of PACCAR in a report on Monday, December 31st. Finally, JPMorgan Chase & Co. downgraded shares of PACCAR from a “neutral” rating to an “underweight” rating and set a $54.00 price target on the stock. in a report on Thursday, January 10th. Five equities research analysts have rated the stock with a sell rating, fourteen have given a hold rating and six have assigned a buy rating to the company’s stock. PACCAR presently has an average rating of “Hold” and a consensus price target of $68.72.

Shares of NASDAQ PCAR traded down $0.03 during midday trading on Tuesday, reaching $67.77. The stock had a trading volume of 2,206,290 shares, compared to its average volume of 2,004,243. The company has a market capitalization of $24.50 billion, a P/E ratio of 10.86, a price-to-earnings-growth ratio of 1.01 and a beta of 1.32. PACCAR has a twelve month low of $53.43 and a twelve month high of $72.89. The company has a debt-to-equity ratio of 0.72, a quick ratio of 0.98 and a current ratio of 1.19.

PACCAR (NASDAQ:PCAR) last issued its quarterly earnings results on Tuesday, January 29th. The company reported $1.65 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $1.57 by $0.08. The firm had revenue of $5.93 billion for the quarter, compared to the consensus estimate of $5.71 billion. PACCAR had a net margin of 9.34% and a return on equity of 25.01%. The company’s revenue for the quarter was up 15.8% on a year-over-year basis. During the same quarter in the previous year, the company earned $1.18 EPS. Analysts forecast that PACCAR will post 6.42 earnings per share for the current year.

PACCAR announced that its Board of Directors has approved a share repurchase program on Tuesday, December 4th that allows the company to repurchase $500.00 million in shares. This repurchase authorization allows the company to buy up to 2.3% of its shares through open market purchases. Shares repurchase programs are usually a sign that the company’s leadership believes its stock is undervalued.

In other PACCAR news, insider R Preston Feight sold 3,226 shares of the firm’s stock in a transaction on Wednesday, February 20th. The stock was sold at an average price of $68.73, for a total transaction of $221,722.98. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, SVP Darrin C. Siver sold 8,088 shares of the firm’s stock in a transaction on Wednesday, February 20th. The shares were sold at an average price of $68.81, for a total value of $556,535.28. Following the transaction, the senior vice president now directly owns 24,335 shares of the company’s stock, valued at approximately $1,674,491.35. The disclosure for this sale can be found here. Insiders sold 61,989 shares of company stock valued at $4,160,345 in the last ninety days. 2.64% of the stock is currently owned by insiders.

Institutional investors have recently made changes to their positions in the business. Oregon Public Employees Retirement Fund increased its holdings in shares of PACCAR by 7,876.0% during the fourth quarter. Oregon Public Employees Retirement Fund now owns 7,701,443 shares of the company’s stock valued at $135,000 after acquiring an additional 7,604,885 shares in the last quarter. BlackRock Inc. lifted its holdings in PACCAR by 7.8% in the 4th quarter. BlackRock Inc. now owns 25,297,074 shares of the company’s stock worth $1,445,476,000 after purchasing an additional 1,830,638 shares in the last quarter. Bank of New York Mellon Corp lifted its holdings in PACCAR by 33.3% in the 3rd quarter. Bank of New York Mellon Corp now owns 6,026,604 shares of the company’s stock worth $410,954,000 after purchasing an additional 1,505,929 shares in the last quarter. FMR LLC lifted its holdings in PACCAR by 26.1% in the 3rd quarter. FMR LLC now owns 6,043,716 shares of the company’s stock worth $412,121,000 after purchasing an additional 1,249,446 shares in the last quarter. Finally, Schroder Investment Management Group lifted its holdings in PACCAR by 934.2% in the 2nd quarter. Schroder Investment Management Group now owns 869,356 shares of the company’s stock worth $53,935,000 after purchasing an additional 785,295 shares in the last quarter. 60.80% of the stock is owned by institutional investors and hedge funds.

About PACCAR

PACCAR Inc designs, manufactures, and distributes light, medium, and heavy-duty commercial trucks in the United States, Europe, and internationally. It operates in three segments: Truck, Parts, and Financial Services. The Truck segment offers trucks that are used for the over-the-road and off-highway hauling of commercial and consumer goods.

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